Senators Urge Congress to Move Forward with Finalizing Crypto Legislation

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In the wake of the collapse of one of the world’s largest cryptocurrency exchanges, FTX, senators in the United States have doubled down on their commitment to passing legislation for the crypto industry. 

Senators Call for Finalizing DCCPA

Amidst the FTX collapse, Debbie Stabenow, the U.S. Senate Agriculture Committee chair, has reiterated the importance of finalizing the Digital Commodities Consumer Protection Act 2022 (DCCPA). She tweeted;

Senator Stabenow tweeted that the recent collapse of FTX reinforces the urgent need for “greater federal oversight” of the crypto industry. She added that she was working with Senator John Boozman to finalize the DCCPA.

Protecting the Customers

Senator Stabenow has called on Congress to act fast because consumers are “harmed by the lack of transparency and accountability in this market.” She also called on financial regulators to use their current authorities “to the fullest extent to regulate and prosecute misconduct in these markets.”

The DCCPA bill, when passed, will give power to the Commodity Futures Trading Commission (CFTC) to regulate the trading of digital commodities. On Thursday, Senator Banking Committee Chair Sherrod Brown called for an investigation into the collapse of FTX.

On the Flipside

  • Sam Bankman-Fried, the founder of the beleaguered FTX exchange, had backed the bill before the liquidity crunch happened.

Why You Should Care

The DCCPA bill looks to protect customers by introducing necessary safeguards to the cryptocurrency trading market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).